USD/JPY Technical Analysis For 14Th September 2015, H4
14 September 2015, USD/JPY
USD/JPY is currentlt trading with a slight Bullish Bias. The pair continually made higher lows during the previous week. The pair has always been rejected along the support trend line for almost a year. It is anticipated that, as long as the pair trades above this support trend line, long positions are recommended but only when the price is trading along it, any movements below it will signal a break of a key support. Currently, wave(c) is not complete, we anticipate a bounce from the immediate resistance trend line before it rally downwards probably past 116.114, any movements above the immediate resistance trend line will signal further movements even up to the next resistance trend line.
Traders trading this pair should observe closely other pairs such as HKD/JPY, GBP/CHF, CAD/CHF, AUD/CHF, and AUD/CAD. These pairs had a very strong positive correlation of up to +0.96 with USD/JPY, and this level of correlation is expected to continue at least for the better part of the week. Thus only buy or sell USD/JPY if more than half of the other pair are giving the same signal.
Buy above 121.995, and wait for a potential bounce off from the immediate resistance trend line. Generally, we expected the pair to move short probably below the 116.121, or even lower to support trend line.
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